SYRACUSE — The median rental price for most apartments in the Syracuse metro area increased just over 7 percent in August from a year earlier and rose more than 2 percent from the prior month. That’s according to the latest Zumper National Rent Report, issued on Aug. 26. The median rental price of one-bedroom apartments […]
SYRACUSE — The median rental price for most apartments in the Syracuse metro area increased just over 7 percent in August from a year earlier and rose more than 2 percent from the prior month.
That’s according to the latest Zumper National Rent Report, issued on Aug. 26.
The median rental price of one-bedroom apartments in the Syracuse region was $1,340 in August, up 2.3 percent from $1,310 in July, and 7.2 percent higher than the $1,250 median rent seen in August 2024, according to Zumper, an apartment rental-listings website.
The Syracuse rental market posted the fifth-highest year-over-year increase in median one-bedroom rent among the 100 largest markets in the country. Only Cincinnati, Ohio; Newark, New Jersey; San Francisco, California; and Milwaukee, Wisconsin experienced bigger rises in rent in the same period.
The median rental rate for two-bedroom units in the Syracuse area was $1,500 this August, down 2 percent from $1,530 in July, and unchanged from the year-prior month.
Syracuse now ranks as 46th most expensive rental market among the top 100 metro areas by population, according to the Zumper report.
Zumper’s National Rent Index showed declines across the board for the first time: the median one-bedroom rent dipped 0.2 percent in August to $1,517 compared to July, while two-bedroom rents dropped 0.4 percent to $1,897 in August from July. On an annual basis, one and two-bedroom rents were down 1.1 percent and 0.9 percent, respectively, in August.
The Zumper National Rent Report analyzes rental data from more than 1 million active listings across the U.S. The company aggregates the data monthly to calculate median asking rents for the 100 largest regions.
